Leading Role for Hybrid Bicycle Category
DOETINCHEM, the Netherlands – In a recent bicycle market study, US market researcher Persistence, labelled hybrid bikes as the dominate category on the global market. According to Persistence’s classification, the hybrid bike now holds 38.5% of the market in value, followed by road (25.2%) and mountain bikes (24.2%).
In their latest market study, Persistence Market Research expects the hybrid segment to reach a total market value of 20.4 bn euros by 2024 on a total estimated market value of 52 bn euros which means a 3.7% compound annual growth rate (CAGR).
“The road and hybrid segments are estimated to hold a collective 2016 share of 63.7%,” Persistence reports. “In 2015, the men segment in the global market accounted for 44.7% share, followed by the kids (32.3%) and women (32.8). In 2016, the mid-range segment has been estimated to dominate the global market with 55.4% in value, followed by the low (28.9%) and premium segments (15.7%).”
Importance of the Asian market
In 2016, the Asian Pacific markets dominated the global market with 63.8% value share, followed by the Europe and North America regions with shares of 19.9% and 12.5%, respectively. According to the Persistence study, “China is estimated to hold the major share in the global bicycle market having the largest market for the bicycles. The European region is forecast to reach 11.3 bn euros by 2024 end, reaching an annual growth rate of 4.9% between 2016 and 2024.
Challenge of building cycling networks
“The global bicycle market can be successful and flourish in the forecast period if the networks of roads are built and connected properly throughout the nations,” Persistence claims. “This has been a chief challenge for the government authorities and the manufacturers to ply cycling tracks and create a good network for cycles. Developing economies are focusing on creating a bicycle-friendly world and to create suitable and safe cycling tracks to limit accidents and injuries to the consumers and safety is assured.”